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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [x]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
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[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section
240.14a-12
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THE NEW IBERIA BANCORP, INC.
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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THE NEW IBERIA BANCORP, INC.
(NAME OF PERSON(S) FILING PROXY STATEMENT)
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14a-6(i)(2).
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14a-6(i)(3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and
0-11.
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
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____________________
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and state how it was determined.
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March 30, 1995
To the Shareholders of The New Iberia Bancorp, Inc.
Dear Shareholder:
You recently received your proxy statement for the April 17th meeting of the
Shareholders of The New Iberia Bancorp, Inc. The issues to be covered at this
meeting are not the same as those of the December 28th Special Shareholders
meeting.
The choices at the April 17th meeting will be straight forward. You will be
electing directors and thus deciding who will manage the future of The New
Iberia Bank. Do you want to continue on the path of growth and strong earnings
which has been established over the past seven years? Or do you want to SELL
the Bank as Tony Schwing wishes?
The current Board and management have worked to bring the book value of your
stock from $182.85 in 1987 to $414.15 as of 2/28/95. The assets of the Bank
have grown from $151 million in 1988 to $235 million as of February 28, 1995.
Your Bank is very strong and stable. We believe it will continue to perform
well into the future. The current Board has a plan to provide liquidity and
marketability for your stock. The Board members have the experience and desire
necessary to ensure that all shareholders are provided with options as they
have requested.
Tony Schwing wants to sell the Bank because he does not believe it can compete
with the big banks. The New Iberia Bank has been competing with Premier Bank
for several years since it acquired State National Bank. During this time,
your Bank has continued to grow in both size and earnings. It has increased
the size of its dividends while the stockholders of State National have yet to
see a cash dividend paid on their investment.
In 1992, The New Iberia Bank opened a branch in Lafayette where it competes
with First Commerce Corporation, Hibernia and Whitney as well as Premier. In
just over three years we have acquired over $14 million in loans and over $6
million in deposits. Obviously, many customers in Acadiana want to do business
with a community bank. In fact, a local newspaper article describes comments of
Steve Hansel, President of Hibernia, on this issue as follows: "There will
always be a place for community banks," he says. In fact he says, "the
community bank concept is something the majors are striving for, especially in
this market." (Times of Acadiana, April 6, 1994).
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At the December 28th meeting, we heard from many stockholders that while they
did not want to sell the Bank, they were concerned that there was no organized
market for Bancorp's stock and that when the stock trades, it is often at
prices below book value. We have made efforts to alleviate this situation by
contacting the American Stock Exchange about listing Bancorp's stock. If our
proposal to amend Bancorp's Articles is adopted and if Bancorp's listing
application is approved, Bancorp's stock could be traded on an exchange by this
summer. Based on our financial condition, we believe that, once listed,
Bancorp's stock is likely to trade in excess of book value. We refer you to
Exhibit D of the proxy statement for a list of banks and holding companies that
are traded on the American Exchange and the trading prices as a percentage of
their book value. We believe that listing should solve the liquidity and
marketability needs of many of the shareholders and make Bancorp stock more
competitive with the stock of regional banks in terms of stock value and
liquidity.
Tony's claims that the current Board's small stock ownership doesn't properly
represent the shareholders. He says that his nominees should replace some of
the current Board members. The fact is that his nominees represent less shares
per member than the current Board. Collectively they (excluding Tony) own 455
shares; the current Board (excluding Tony) owns 1701 shares.
Please do not be confused by half truths and rumors. The current Board is
committed to do what is right for the Bank and ALL of the shareholders. It has
the experience to take steps to provide you with the liquidity and
marketability you need and deserve while continuing the Bank's history of
profitability and growth. It will evaluate the issues and opportunities as
they are presented and make their recommendations in your best interests.
The Board is asking for your support. Vote for the current members for another
term. Vote for the Board's proposal to pursue a stock split so it can apply to
list Bancorp's stock on an exchange. Sign and return the Board's white proxy
card today. Do not complete Tony Schwing's proxy card.
Very truly yours,
<TABLE>
<S> <C>
_________________________________ ________________________________
Ernest Freyou James W. Schwing, Sr.
President & CEO Chairman of the Board
_________________________________ ________________________________
Samuel S. Broussard, Sr. Jerry E. Shea, Sr.
Director Director
_________________________________ ________________________________
J. Preston Duhe William D. Quinlan
Director Director
_________________________________ ________________________________
Gerald H. Halphen, M.D. Edward P. Terrell, III
Director Director
_________________________________ ________________________________
Frank C. Minvielle J. P. Thibodeaux
Director Director
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